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Finance Ministry unveils 2013 state budget draft; deficit to fall to 2.9 percent

The state budget deficit is targeted to be on €3.317 billion in 2013, with revenues of €13.6 billion and expenses at €16.917 billion, according to a state budget proposal unveiled by the Finance Ministry on Wednesday August 15.

The state budget deficit is targeted to be on €3.317 billion in 2013, with revenues of €13.6 billion and expenses at €16.917 billion, according to a state budget proposal unveiled by the Finance Ministry on Wednesday August 15.

The Finance Ministry also states that its primary goal for 2013 is to squeeze the deficit to 2.9 percent of the GDP, to 2.4 percent in 2014 and 1.9 percent in 2015. These goals are in line with the EU's Stability and Growth Pact. The draft already includes the prepared changes to the pension system, and special levies set to be deduced by banks and regulated companies, the TASR newswire wrote. On the other hand, priority expenses of individual ministries have not been included – notably, the planned consolidation of the health insurance market (planned for 2014).

Given the current financial situation, the deficit in 2013 appears to be headed towards 3.7 percent, in 2014 - 3.2 percent, and in 2015 - 1.9 percent. "There's a need to adopt additional measures of €629.3 million in 2013, €647.2 in 2014, and €665.1 million in 2015," said the ministry as quoted by TASR. Meanwhile, the Finance Ministry expects that growth of Slovakia's economy may slightly accelerate from 2.5 percent in 2012 to 2.6 percent in 2013.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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